(File pix) Bank Negara is reviewing the changes needed for the adoption of financial technology, or fintech, said Bank Negara Governor Datuk Muhammad Ibrahim.

KUALA LUMPUR: Bank Negara is reviewing the changes needed for the adoption of financial technology, or fintech, said Bank Negara Governor Datuk Muhammad Ibrahim.

"The bank wants to ensure that the regulatory framework remains appropriate to manage the risks, while encouraging productive innovation that will drive costs down and improve the quality of service to consumers, " he said.

The new central bank chief was presenting his keynote address at the launch of the three-day Global Islamic Finance 5.0.

BNM is looking at three perspectives, namely the impact of fintech strategies on the management of risks, potential for fintech start-ups and the impact on consumers.

In Islamic finance like the Investment Account Platform in Malaysia, fintech has immense potential to be the next game changer.

An estimated 10 to 40 per cent of overall banking revenues could be at risk by 2025 due to fintech innovations, according to a McKinsey research and CB Insights.